Driving the Day 4/21/2011

Apr 21, 2011

House Majority Leader Eric Cantor issued a statement yesterday saying that Republicans “will not grant their request for a debt limit increase” without “serious reforms that immediately reduce federal spending and end the culture of debt.”  It was the first time that a Republican leader suggested the party would be willing to risk a default if its demands aren’t met.

Reuters reports that “the 85 first-term Republicans in the House have found themselves the target of a massive lobbying campaign by Wall Street banks, big business, and the Treasury … to vote to raise the cap on U.S. borrowing ... Yet there are signs the intense lobbying effort is falling flat.  Many freshmen still insist they will not vote to raise the debt ceiling unless it comes with legislation to slash America’s $1.4 trillion deficit.”

The same report notes that the Chamber is sending a letter to every member of Congress next month urging them to vote to raise the debt ceiling.  Bruce Josten said, “[W]e tell them this is about the full faith and credit of the United States and the consequences of a no vote will be dramatic.”

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